Interpretation of Article 5(3) in the dispositive part of the Competition Authority's Decision No. 14/2012

In a submission to the Competition Authority, the Reiknistofa bankanna requested the authority's position on the interpretation of paragraph 3 of Article 5 in the dispositive part of the Competition Authority's decision. No. 14/2012, which provides for an exemption from the obligation resting on financial institutions that are shareholders of Reiknistofu bankanna to carry out a tender or price survey when seeking the most favourable terms for the purchase of information technology services. Having considered the evidence and the parties' submissions, it is the interpretation of the Competition Authority, in the prevailing circumstances and in light of the overall interests related to payment services in the country, that the exemption provision of Article 3. subsection 5 of Article 3 in the dispositive part of Decision No. 14/2012 covers the purchase by the owners of the computing centre of services based on the renewed deposit and payment systems of the Reiknistofa bankanna.